Oil cuts losses but analysts see no big rallies yet

By Amanda Cooper LONDON (Reuters) - Oil futures pared losses on Wednesday, echoing a modest stock market recovery, but analysts said a surprise ballooning in U.S. inventories and little chance of the world's major producers agreeing to cut output would likely temper any rallies. Marco Dunand, the head of Mercuria, one of the world's biggest trading houses, said the market was close to rebalancing.